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A Venture Global LNG spokesperson did not comment on the Shell and BP claims. Shell and BP missed out on billions of dollars in sales that went to Venture Global LNG because they were unable to get their contracted fuel, one of the people familiar with the arbitration filings said. Another Venture Global LNG contract customer, Spanish energy firm Repsol SA (REP.MC), has asked U.S. regulators to release confidential records that would shed light on the plant's startup. Founded by a former energy lawyer and investment banker, Venture Global LNG has emerged as a market force with its ability to obtain financing and rapidly build export plants. The contracts were tied to Calcasieu Pass LNG, the first of Venture Global LNG's three planned facilities.
Persons: Costas Baltas, Ira Joseph, Marwa Rashad, Curtis Williams, Scott DiSavino, Gary McWilliams, David Gregorio Our Organizations: REUTERS, Top, Shell, BP, U.S, Venture Global LNG, Venture Global, London Court, International, Edison SpA, Repsol SA, Columbia University's Center, Global Energy, Thomson Locations: Bermuda, Revithoussa, Greece, Europe, Calcasieu, London, Houston
Italian electric utility company, Edison SpA (EDNn.MI), in May brought an arbitration proceeding against Venture Global over its failure to supply cargoes, Edison's spokeswoman said. Venture Global described the complex at the time of its first cargo shipment last year as holding "the global record for the fastest large-scale greenfield LNG facility to ever be built." Edison and Repsol signed purchase contracts with Venture Global in 2017 and 2018, respectively. That volume irked contract customers who believe Venture Global took advantage of high spot LNG prices at their expense. In its reply to DOE, Venture Global chastised Repsol as an "impatient" customer.
Persons: Shaylyn Hynes, Hynes, Repsol, Portugal's, Edison, Venture Global's Hynes, Curtis Williams, Gary McWilliams, Paul Simao Organizations: HOUSTON, Venture Global LNG, U.S, LNG, Edison SpA, Venture Global, Repsol SA, U.S . Department of Energy, DOE, Venture, Reuters, Edison, Shell, Federal Energy Regulatory Commission, General Electric Co, Thomson Locations: Calcasieu, Spanish, Arlington , Virginia, Cameron Parish , Louisiana, Europe, Russia, Ukraine
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